You might not have noticed, but the Magic City has a wee bit of a poverty crisis going on these days. Half the county is behind on its mortgage and Miami's homeless can't even get their hands on unwanted LeBron jerseys.

So imagine our surprise when we caught wind of last night's Versace fashion show at the luxurious Icon Brickell downtown -- an event advertised as heralding "the return of glamour to real estate."

In addition to more models than a Kanye West bubble bath, the show featured a $91,000 purple chinchilla coat.

The event was sumptuous (We had to dust off our Bernie Madoff Modern Dictionary for that one), replete with La Marca prosecco, tuna sashimi, chocolate covered strawberries, and a 15th floor view of the Miami River.

We could have sworn this photo looked different the first time we posted it...

The party also celebrated a recent flurry in downtown luxury real estate sales, most notably at the Icon itself where 60 percent of the swanky apartments have now been sold including 175 units in the past three months.

But the floor-to-ceiling glass windows and constant thump of techno music couldn't keep out the harsh reality facing most Miamians. Some guests said the event seemed pared down compared to years past.

"I thought there would be a real runway," said Patti Silverman, a speech pathologist who bid $400 at a synagogue charity fundraiser to attend the fashion show. She was delighted with the clothes, which she said were less embellished, "more classic, and easier to wear" than in previous years.

"But if there's a recession, the prices don't reflect it," she added. Top of the list was a knee-length purple and black chinchilla coat worthy of Miami's finest pimps -- yours for a cool $91,000.

There was also a black evening dress for $8,180, leather boots for $1,750, and a pair of platform shoes for $1,200.

John Chao, a consultant who designs green homes and private movie theaters, said downtown real estate was still suffering with prices 40 percent below their peak.

"Events like this are needed now more than ever," he said, before grabbing a glass of prosecco, scooping up a mini cupcake, and putting his arms around the models for a photo.

Michael E. Miller was the senior writer at the Miami New Times. For five years, he covered everything Florida could throw at him. He got an innocent man off of murder charges and got a bad cop suspended from duty. He flew in homemade airplanes, dove into the Atlantic in a tiny submarine, and skateboarded a marathon. He smoked stogies, interviewed strippers, and narrowly survived a cavity search in a Panamanian jungle prison — all in the name of journalism. His only regret is that one time he outed Colombian drug lords for sneaking strippers into Miami jail. For that, he says lo siento. He was only doing his job. Miller’s work for New Times won many national awards including back-to-back Sigma Delta Chi medallions. He has also written for the New York Times, Newsweek, The Atlantic, Chicago Magazine, Village Voice, the New York Daily News, and VQR. He now covers foreign affairs for the Washington Post.